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What is Strategy?
It is about how to coordinate the elements of a business (they want to create a sustainable advantage)
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What is Deliberate Strategy?
Planned
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What is an emergent strategy?
Unplanned
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What is a realized strategy?
Plans that are implemented
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What is an unrealized strategy?
Plans that are not implemented
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What are the two parts of the strategy making Process?
Formulation and implementation
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What is the formulation part of the strategy making process?
Its the history, mission, vision, internal/external analysis, functional level and corporate level strategies
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What is the implementation part of the strategy making process?
Governanceðics, organizational culture, structure and control systems, and global strategy
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What are the three planning techniques?
Devils Advocate, Dialectic Inquiry, and outside view
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What is devils advocate?
Good vs. bad
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What is Dialectic Inquiry?
Good vs. alternate good
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What is Outside view?
Experience (looks at the past and looks at what did and didnt work)
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What are the pitfslls in planning?
Prior hypothesis bias, esculating commitment, Reasoning by analogy, representativeness, illusion of control and availability error
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What is an industry?
A group of Companies that offer products/services that are close substitutes for each other (ebay and amazon)
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What is a sector?
A group of closely related industries
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What are the definitions of opportunities and threats?
Opportunities: are possible advantages that and industry can use that is outside the company and they have no control over. Threats: Possible disadvantages that can hurt the industry thats outside the company and they have no control over.
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What are the different parts of opportunities and threats?
Social, macroeconomics, technological, legal, demographics, and global
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What are the Porters five forces?
Threat of New entrants, Bargaining Power of Suppliers, Bargaining Power of Buyers, Threat of Substitutes, and Overall rivalry
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Name two of the threat of new entrants.
- 1)economies of scale(cost phenominon)
- 2) Brand Loyalty
- 3)Absolute Cost Advantage
- 4)Customer Switching Costs
- 5)Government Regulations
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Name two parts of the Bargaining power of suppliers.
- 1)Relative Size
- 2)Substitutability
- 3)Switching Costs
- 4)Dependency
- 5)Self-sufficiency
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Name two parts of the Bargaining Power of Buyers.
1)Relative Size2)Substitutability3)Switching Costs4)Dependency5)Self-sufficiency
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Name two of the threats of Substitutes
1)Needs vs. wants 2)form vs. function 3)technological substitutes
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Name two parts of the Intesity of Rivalry?
1)Sum of four other forces 2)Industry structure and tone 3)Overall industry demand 4)Fixed cost/exit barriers 5)differentiation vs. commodities
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What does the internal analysis consist of?
Competitive advantage, strengths and weaknesses, Value chain, and distinctive competencies
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What is competitive advantage?
Its what a company does uniquely.
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What would be an example of competitive advantage?
having unique flavors for coffee
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What are strengths and weaknesses?
the good and bad of a company
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What are the four parts of the value chain?
Research and development (R&D), Production, Marketing and Sales, and customer service
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What are distinctive competencies?
Unique resources and skills
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